Healthcare providers, payers and vendors on the InstaMed Network prepare for the future of payments with simple and secure ways to get paid
PHILADELPHIA, PA and NEWPORT BEACH, CA (April 13, 2015) – InstaMed, the leading Healthcare Payments Network, announced today that Apple Pay, a new category of service that transforms mobile payments with an easy, secure and private way to pay, will be available to its customers within the healthcare industry. Apple Pay is the latest innovation in payment technology and security that InstaMed has introduced to its customers, enabling healthcare organizations to offer a convenient and secure payment experience to consumers.
In the healthcare industry, consumers will now be able to use their iPhone 6, iPhone 6 Plus and Apple Watch, upon availability, to make contactless payments using Apple Pay at the point of service. InstaMed allows all providers, payers and vendors launching consumer-facing mobile apps to offer Apple Pay as an online payment method. Within apps, Apple Pay is compatible with iPhone 6 and iPhone 6 Plus, iPad Air 2 and iPad mini 3.
Security and privacy is at the core of Apple Pay. When you add a credit or debit card to Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of your card.
“Approximately 20 percent of consumers have unpaid healthcare bills as a result of confusion in the payments process. This will only grow as more and more consumers continue to enroll in high deductible health plans,” said Chris Seib, CTO and Co-Founder of InstaMed. “To resolve consumer confusion and rising bad debt, the healthcare industry must deliver a simple, secure and private payment process with innovative technology, including Apple Pay. As mobile payments are expected to reach $142 billion by 2019, the healthcare industry must leverage solutions like Apple Pay to meet these consumer needs. We are excited to bring Apple Pay to our customers and remain the leader in innovation for healthcare payments.”
Consumer preferences continue to drive the evolution and expansion of payment channels in the healthcare industry, as the rise of high deductible plans and healthcare exchanges brings consumer payment preferences to the forefront. Consumers can now pay their co-pays and outstanding balances using Apple Pay in a variety of ways: at the check-out desk at a hospital or doctor’s office, or within a mobile app that a hospital or doctor’s office uses to communicate with their patients. Additionally, consumers enrolled in health insurance can pay their premiums and even their patient responsibility using Apple Pay with the convenience and ease of their insurance company’s mobile app. By bringing Apple Pay to hospitals, doctor’s offices and insurance companies, InstaMed continues to demonstrate its leadership in healthcare payments innovation.
InstaMed is healthcare’s most trusted payments network, connecting providers, payers and consumers on one platform. The InstaMed Network connects over two-thirds of the market and processes tens of billions of dollars in healthcare payments annually. InstaMed reduces the risks, costs and complexities of working with multiple payment vendors by delivering one platform for all forms of payment in healthcare, designed and developed on one code base and supported by one onshore team of experts in healthcare payments. InstaMed enables providers to collect more money from patients and payers while reducing the cost and time to collect. InstaMed allows payers to cut settlement and disbursement costs with electronic payments and facilitate consumerism for their members. Visit InstaMed on the web at www.instamed.com.